Mobile social media platform and dating app Momo Inc. is seeing its net profit growth slow down due to the platform’s heavy reliance on the sluggish livestreaming industry.

Momo’s net profit grew 31% year-on-year to 2.8 billion yuan ($420 million) last year, down from the 119% growth reported the previous year. The company’s revenue mostly comes from its live video service business, according to an unaudited fiscal report released Tuesday.

The report comes as the market penetration rate of livestreaming services--an indicator of usage --fell to 18.7% in December last year, down 3.1% from the year before, local media Beijing Business Todayreported, citing data provider Jiguang.

Momo’s revenue hit 13.4 billion yuan in 2018, up 51% from the year before.